Iberdrola nabs EIB loan for 1.8 GW of Spanish renewables

• Spanish utility team Iberdrola SA (BME: IBE) introduced today that it has safeguarded a EUR-550-million (USD 560.9 m) green loan to finance some 1,800 MW of wind as well as solar power projects at home.

The European Investment Bank (EIB) is lending the cash.

Iberdrola stated it will use the EIB funding to bankroll the building of solar PV as well as wind farm projects across Spain, most of the them in rural area of Extremadura and also Castile and Leon. Among those that will gain from the financing are the 200-MW Tagus as well as the 80-MW Almaraz solar farm systems, as well as the 50-MW Valdemoro wind project.

The Spanish utility claimed that the investment in wind farms alone will certainly total over EUR 1.1 billion.